XML 42 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities:    
Net (loss) income attributable to Sterling common stockholders $ (16,992,000)us-gaap_NetIncomeLoss $ 205,000us-gaap_NetIncomeLoss
Plus: Noncontrolling owners’ interests in earnings of subsidiaries 292,000us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 275,000us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net (loss) income (16,700,000)us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest 480,000us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 4,274,000us-gaap_DepreciationDepletionAndAmortization 4,633,000us-gaap_DepreciationDepletionAndAmortization
Gain on disposal of property and equipment (759,000)us-gaap_GainLossOnSaleOfPropertyPlantEquipment (283,000)us-gaap_GainLossOnSaleOfPropertyPlantEquipment
Stock-based compensation expense 158,000us-gaap_ShareBasedCompensation 234,000us-gaap_ShareBasedCompensation
Changes in operating assets and liabilities:    
Contracts receivable (15,712,000)us-gaap_IncreaseDecreaseInContractReceivablesNet (1,100,000)us-gaap_IncreaseDecreaseInContractReceivablesNet
Costs and estimated earnings in excess of billings on uncompleted contracts 7,576,000us-gaap_IncreaseDecreaseInUnbilledReceivables (7,067,000)us-gaap_IncreaseDecreaseInUnbilledReceivables
Receivables from and equity in construction joint ventures (545,000)strl_IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures (5,078,000)strl_IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures
Income tax receivable 1,453,000us-gaap_IncreaseDecreaseInIncomeTaxesReceivable (87,000)us-gaap_IncreaseDecreaseInIncomeTaxesReceivable
Other current assets 2,502,000us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 727,000us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable 4,669,000us-gaap_IncreaseDecreaseInAccountsPayable 407,000us-gaap_IncreaseDecreaseInAccountsPayable
Billings in excess of costs and estimated earnings on uncompleted contracts 8,710,000us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings (4,129,000)us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings
Accrued compensation and other liabilities 2,110,000us-gaap_IncreaseDecreaseInAccruedLiabilities (1,099,000)us-gaap_IncreaseDecreaseInAccruedLiabilities
Member’s interest subject to mandatory redemption and undistributed earnings (679,000)strl_IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings 180,000strl_IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings
Net cash used in operating activities (2,943,000)us-gaap_NetCashProvidedByUsedInOperatingActivities (12,182,000)us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:    
Additions to property and equipment (1,161,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (2,283,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sale of property and equipment 2,864,000us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 2,260,000us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Net cash provided by (used in) investing activities 1,703,000us-gaap_NetCashProvidedByUsedInInvestingActivities (23,000)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:    
Cumulative daily drawdowns – Credit Facility 65,840,000us-gaap_ProceedsFromLinesOfCredit 66,278,000us-gaap_ProceedsFromLinesOfCredit
Cumulative daily repayments – Credit Facility (69,672,000)us-gaap_RepaymentsOfLinesOfCredit (53,416,000)us-gaap_RepaymentsOfLinesOfCredit
Distributions to noncontrolling interest owners 0us-gaap_PaymentsToMinorityShareholders (994,000)us-gaap_PaymentsToMinorityShareholders
Other (575,000)us-gaap_ProceedsFromPaymentsForOtherFinancingActivities (248,000)us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
Net cash (used in) provided by financing activities (4,407,000)us-gaap_NetCashProvidedByUsedInFinancingActivities 11,620,000us-gaap_NetCashProvidedByUsedInFinancingActivities
Net decrease in cash and cash equivalents (5,647,000)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (585,000)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 22,843,000us-gaap_CashAndCashEquivalentsAtCarryingValue 1,872,000us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 17,196,000us-gaap_CashAndCashEquivalentsAtCarryingValue 1,287,000us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 376,000us-gaap_InterestPaid 265,000us-gaap_InterestPaid
Cash paid during the period for income taxes 437,000us-gaap_IncomeTaxesPaid  
Non-cash items:    
Transportation and construction equipment acquired through financing arrangements $ 588,000us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1